Progress 04/30/03 to 09/30/08
Outputs
OUTPUTS: The primary outputs of this project are a set of survey instruments and databases measuring changes in financial knowledge and financial behavior resulting from financial education among high school and college age youth, women of all ages, and public fund treasurers. Outcomes measuring the impact of financial education for women: Data collection for women was conducted throughout Ohio as part of the Treasurer of State's Women & Money program. Sessions were in all parts of the state and delivered to approximately 4,000 women in each of the 5 years of the project (2004-2008). In total, the database represents the results of nearly 80,000 financial education classes attended by approximately 20,000 women in Ohio. The database also includes the results from 2 follow-up web-based studies of participants. Approximately 15% of participants provide follow-up information on changes in financial behavior resulting from participation in the education programming. Collectively, the database includes socio-economic, financial experience, satisfaction and knowledge characteristics for participants in education seminars, resulting in one of the largest databases on women and the impact of financial education ever collected. Moreover, this is one of the few studies of financial education that contains multiple years of follow-up information from program participants. The annual reports for all survey years can be found at http://people.ehe.ohio-state.edu/jfox/women-money-evaluation. Outcomes measuring the impact of financial education for students: An online survey of 1,800 alumni of a large mid-western university led to a database of students who participated in formal financial education in high school and/or college. Approximately 19 percent off those surveyed participated in some form of financial education. The database includes socio-economic, financial experience, investor knowledge, and education characteristics for participants in formal financial education classes in either high school or college. The database allows for a first of its kind comparison of the impact of high school versus college education. Outcomes measuring the impact of financial education for public fund managres: Over sixty financial education sessions were offered to public fund managers by the Office of the Treasurer of Ohio. The resulting database reflects the evaluation of job experience, education, satisfaction, knowledge change, and job related outcomes based on a 4 page survey instrument. The report for this evaluation can be found in: Fox, J.J. & S. Bartholomae (2007). Center for Public Investment Management, Program Evaluation Report. Ohio Treasurer of State Technical Report, Columbus OH. PARTICIPANTS: Community Financial Education in the Ohio Treasurer of State Office were key collaborators on program delivery to women. Center for Public Investment Management (CPIM) in the Ohio Treasurer of State Office were key collaborators on program delivery to public fund managers. TARGET AUDIENCES: College students, high school students, women in Ohio, and public fund managers. PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.
Impacts
The evaluation of financial education programming for women, public fund managers, high school students, and college students has led to several changes in knowledge and actions by program participants. In all contexts, the results of this research confirm the finding that financial education is not an effective stand alone method for improving financial knowledge or behavior. In all evaluations moderating variables such as experience with finances, leaning in other contexts (e.g. churches, schools, families), use of a workbook in independent study, use of a case study approach, and being relatively new to the process of managing one's finances influences the relationship between education and knowledge changes. Moreover, changes in financial knowledge were not found to be a critical mediator of financial behavior change (increased savings, lowered debt levels). At the program level there have been several changes that result directly from this research. Educators themselves have been changed to better meet the needs and expectations of the women in the Ohio Women & Money programs. The approach to the material, including the use of a workbook and a realistic case study, has been adjusted in financial education programs. The relevance of the case was found to not be important, but the use of any case is important in development of knowledge and behavior change. This has important implications for program designers as less needs to be known in advance about the participants as they can lean from examples with wide ranging financial problems. Perhaps the most significant outcome of this research is the finding that financial education in high schools appears to be significantly less effective in changing knowledge and behavior when compared to similar education delivered in the college setting. As college age financial experience is shown to interact more significantly with education programs and materials, implications are strong for the appropriate timing of financial education. Namely, the college setting appears to be more effective in transferring the core lessons of the financial planning process.
Publications
- Fox, J.J. & S. Bartholomae. (2008). Financial Education and Program Evaluation. In J.J. Xiao (Ed.) Handbook of Consumer Finance Research. New York, NY: Springer, 47-68.
- Loibl, C., J. Lee, J. Fox, J & E. Gaeta (2007). Womens High Consequence Decision Making: A Nonstatic and Complex Choice Process. Financial Counseling and Planning, 18(2), 35-47.
- Peng, T-C. M., S. Bartholomae, J.J. Fox & G. Cravener. (2007). The Impact of Personal Finance Education Delivered in High School and College Courses, Journal of Family and Economic Issues, 265-284.
- Fox, J.J. & S. Bartholomae. (2006). Considerations in Financial Education Programming for Women, The Journal of Consumer Education, 23, 77-88.
- Fox, J.J., S. Bartholomae, & J. Lee. (2005). Building the Case for Financial Education Journal of Consumer Affairs, 39, 195-214.
- Fox, J.J. & S. Bartholomae (2005, 2006, 2007, 2008). Women & Money: Financial Planning Workshops for Ohio Women, Program Evaluation Report. Ohio Treasurer of State Technical Report, Columbus OH. Available at: http://people.ehe.ohio-state.edu/jfox/women-money-evaluation.
- Fox, J.J. & S. Bartholomae (2005, 2006, 2007). Center for Public Investment Management, Program Evaluation Report. Ohio Treasurer of State Technical Report, Columbus OH.
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Progress 01/01/07 to 12/31/07
Outputs
OUTPUTS: Data collection continued through participation in 11 financial education seminars for women in Ohio. Sessions were in all parts of the state and delivered to approximately 4,000 women. Socio-economic, experience, satisfaction and knowledge characteristics for participants were added to the previous 8 years of education seminars compiling one of the largest national databases on women and the impact of financial education. Moreover, this is one of the few studies of financial education that contains multiple years of follow-up information from program participants. The annual report, along with a summary of previous years, can be found in: Fox, J.J. & S. Bartholomae (2007). Women & Money: Financial Planning Workshops for Ohio Women, Program Evaluation Report. Ohio Treasurer of State Technical Report, Columbus OH. [http://hec.osu.edu/people/jfox/wm.htm] Twenty-two financial education sessions were offered to public fund managers by the Office of the Treasurer of Ohio. The evaluation included job experience, education, satisfaction, knowledge change, and job related outcomes based on a 4 page survey conducted at the education sessions. The report for this evaluation can be found in: Fox, J.J. & S. Bartholomae (2007). Center for Public Investment Management, Program Evaluation Report. Ohio Treasurer of State Technical Report, Columbus OH PARTICIPANTS: Individuals: Suzanne Bartholomae, Adjunct Assistant Professor, Human Development and Family Science, operates as co-PI and receives payment on contract evaluation for survey design, coordination of data collection, consultation on curriculum, management of dataset, analysis, and report writing. Partner Organizations: Ohio Treasurer of State provides the primary platform for delivery of Women & Money and public fund managers education programs. Ohio State University Alumni Association provides access and survey assistance for Ohio State University students. TARGET AUDIENCES: Nothing significant to report during this reporting period. PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.
Impacts
The evaluation of financial education programming for women, public fund managers, high school students, and college students has led to several changes in knowledge and actions by program participants. In all contexts, the results of this research confirm the finding that financial education is not an effective stand alone method for improving financial knowledge or behavior. In all evaluations mediating variables such as experience with finances, leaning in other contexts (e.g. churches, schools, families), use of a workbook in independent study, use of a case study approach, and being relatively new to the process of managing one's finances contributes significantly to self reported increases in knowledge and financial behavior change (increased savings, lowered debt levels). At the program level there have been several changes that result directly from this research. Educators themselves have been changed to better meet the needs and expectations of the women in the Ohio Women & Money programs. The approach to the material, including the use of a workbook and a realistic case, has been adjusted in financial education programs. The relevance of the case was found to not be important, but the use of any case is important in development of knowledge and behavior change. This has important implications for program designers as perhaps less needs to be known in advance about the participants as they can lean from examples with wide ranging financial problems.
Publications
- Loibl, C., J. Lee, J. Fox, J & E. Gaeta (2007). Women's High Consequence Decision Making: A Nonstatic and Complex Choice Process. Financial Counseling and Planning, 18(2), 35-47.
- Peng, T-C. M., S. Bartholomae, J.J. Fox & G. Cravener. (2007). The Impact of Personal Finance Education Delivered in High School and College Courses, Journal of Family and Economic Issues, 265-284.
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Progress 01/01/06 to 12/31/06
Outputs
Published key findings on efficacy of college formal financial education over high school courses. Published results from Women & Money programming evaluation, outlining education processes linked to learning and satisfaction outcomes. Initiated pilot data longitudinal data collection on college age students--measuring credit card debt and factors related to its accumulation during the college experience.
Impacts
Raised awareness on campuses for growing college student debt problem and potential solutions. Organized response through the development of the Center for Financial Life and Research on the main campus of OSU.
Publications
- Peng, T.M., Bartholomae, S., Fox, J.J., & Cravener, G. (2007). The impact of personal financial education delivered in high school and college courses. Journal of Family and Economic Issues.
- Fox, J.J., Bartholomae, S., (2006). Considerations in financial education programming for women. Journal of Consumer Education.
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Progress 01/01/05 to 12/31/05
Outputs
Measurement and reporting continued in this wide ranging study of the impact of formal financial education in the university, high school, and public settings. Differences in established measures of financial confidence and financial wellness (e.g., savings, credit card debt, home ownership, planning for retirement) that result from participation in formal financial education have been identified.
Impacts
Notable findings in the past 12 months indicate the minimal impact of high school programs relative to college programs on savings outcomes.
Publications
- Fox, J.J., S. Bartholomae, & J. Lee. (2005). Building the Case for Financial Education Journal of Consumer Affairs, 39, 195-214.
- Bartholomae, S. & J. J. Fox. (2005). Economic stress and families. In P.C. McKenry & S.J. Price (Eds.) Families in change: Coping with stressful events and transitions. Thousand Oaks, CA: Sage, 205-226.
- Fox, J.J. & S. Bartholomae (2005). Women & Money: Financial Planning Workshops for Ohio Women, Program Evaluation Report. Ohio Treasurer of State Technical Report, Columbus OH.
- Fox, J.J. & S. Bartholomae (2005). Center for Public Investment Management, Program Evaluation Report. Ohio Treasurer of State Technical Report, Columbus OH
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Progress 01/01/04 to 12/31/04
Outputs
Data collection complete for 3 rounds of financial education programs for women, total sample of just under 6,000 has reported on impact of financial education program, satisfaction with program, and knowledge gained from program.
Impacts
Key findings are that a case study approach to adult education has proved effective in large traditional delivery settings. Telephone and internet follow-up study to financial education treatment shows significant financial behavioral change (e.g. increased savings, reduced debt, utilization of financial products, evaluation of goals and budget).
Publications
- Fox, J., Bartholomae, S. & Lee, J. 2005. Building the Case for Financial Education, Journal of Consumer Affairs, 39(1)
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Progress 04/01/03 to 12/31/03
Outputs
Data collected for college age and female population.
Impacts
Early results indicate importance of interaction between parenting style and education treatment. Education program alone has positive impact on financial behaviors of participants.
Publications
- Fox, J.J. & S. Bartholomae (2003). Women & Money: Financial Planning Workshops for Ohio Women, Program Evaluation Report. Ohio Treasurer of State Technical Report, Columbus OH.
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